New Home Owners And Snagging Forum
Investments => Financial Markets and the economy => Topic started by: The Prophet on July 16, 2011, 01:49:31 pm
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This is what will happen if the government fails to tackle the budget deficit. That may seem a long way off, but the preceding years are not going to be pleasant.
The British Government currently owes £78,000 per household according to the first Fiscal Sustainability report by the Office for Budget Responsibility.
Debt burdens in the west have reached record levels since the crisis started. When both public and private debt are added together, Britain's debt burden is 500% of GDP.
Spain and France's are around 350% of their GDP and in the US 260% of GDP.
At the moment Britain is raising only £8 for every £10 the government is currently spending.
The US raises only £6.